It had to come, was only a matter of timing, and what better time than early January after a harrowing December and Q 4 for the bulls.
One thing you learn quickly in these market is that the BULLS have the inherent advantage and you go with the market, even if you have to hold your nose and buy when the market takes off!
Many are attributing the EPIC bounce to the NFP report but it was rally the POWELL speech and no matter what you are told you must understand and learn that nothing is absolutely secret in Wall St. Wink wink wink....
ST trend is up, IT LONG will be triggered with a daily close above SPX 2568, and LT Short is still in effect until a daily close above SPX 2645 (these are adjusted after each day's close).
But, all this TA stuff is almost meaningless in the current super-heated global political environment so you have to be on the alert to swiftly reverse and go with the market if it changes direction.
This is the SPX hourly chart, not MA "crossover signals" but to put the current price in relation to the most-watched averages.
YELLOW is the 20ma, MAUVE is the 50ma
The CYAN line is my NO-BS alert that reminds me of the VST trend in an hourly basis and demands I convince myself why I am short if SPX is above it or why I am long if SPX is below it.